Happycoin.club - CryptoQuant suggests that after Bitcoin broke through the $65,500 mark, the likelihood has increased that the BTC price will drop to the psychologically important level of $60,000.
According to experts, traders are already putting additional pressure on the price of Bitcoin at auction, and there are no prerequisites indicating a reverse trend. Additional factors that could trigger a fall in Bitcoin are a drop in demand from “whales”, a lack of desire among traders to replenish their coin reserves, as well as extremely weak growth in the volume of stablecoins on the market.
CryptoQuant noted a decrease in the volume of open positions in Bitcoin futures for BTC amounting to $1.2 billion in just a few days. The number of transactions per second in the Bitcoin network is also falling.
According to analysts, all of the above factors could trigger a decline in the value of digital gold in the short term. In order for Bitcoin to exit the bearish trend, volatility must increase in any direction, but CryptoQuant did not specify how significant it should be.
Thus, it is premature to expect an increase in the Bitcoin rate to $70,000, according to CryptoQuant experts, at least within the next few weeks.
